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Walgreens to buy 40 percent stake in Chinese pharmacy chain


(Reuters) - Walgreens Boots Alliance Inc said it would buy a 40 percent stake in Chinese pharmacy chain operator Sinopharm Holding GuoDa Drugstores Co Ltd, as the U.S. drugstore chain seeks to expand in the country's fast-growing healthcare market.Walgreens, the biggest U.S. drugstore chain, said on Wednesday it would buy the minority stake from China National Accord Medicines Corp Ltd for about $416 million. The deal comes when the Chinese government has been encouraging private investments and equity from abroad in its healthcare industry.Healthcare expenditure in China is expected to reach ...

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First Published: Wed, December 06 2017. 18:48 IST